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GARP Academic Lecture Series: "The Financial Crisis: Causes, Wrong Turns, and Ways Forward"

Elgin, IL • May 20, 2009

The Global Association of Risk Professionals Presents: Academic Lecture Series “The Financial Crisis: Causes, Wrong Turns and Ways Forward” Date: Wednesday, May 20th, 2009 Time: 5:00PM ...

Wednesday, May 20, 2009 6:00 PM - 8:30 PM EDT

The Reuters Building, Carnegie Hall Auditorium, 30th Floor
3 Times Square, between 42nd & 43rd Streets
Elgin, IL 60120
US

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The Global Association of Risk Professionals Presents:

Academic Lecture Series

“The Financial Crisis: Causes, Wrong Turns and Ways Forward”

Date: Wednesday, May 20th, 2009

Time:

5:00PM – Registration

5:30PM – Presentation

6:15PM – Q & A

6:30PM – Cocktail Reception

7:30PM – Meeting Concludes

Speaker: Edward J. Kane, James F. Cleary Professor of Finance, Boston College

Synopsis:

Structured securitizations transform traditional default and interest-rate risks into hard-to-understand and hard-to-monitor counterparty and funding risks that in distressed times pass onto financial safety nets. This paper explains the chain of incentive conflicts that led private and government supervisors to neglect their commonsense moral obligation to understand and control these risks and to under-invest in planning and staffing for adverse events. Lack of planning for the bursting of the mortgage-lending bubble made it easy for asset-backed securities markets to sink into turmoil and for authorities to adopt policies that turned market turmoil into crisis. The analysis makes it clear that to bring safety-net subsidies under control, the US does not need to make major changes in the structure of its regulatory bureaucracy. What it needs to do is to take control of zombie institutions and to repair the incentive structure under which financiers and government officials operate.

You must be a member of GARP in order to register. Please click here to join our organization free of charge: http://www.garp.com/membership
/benefits.aspx


Registration Fee: Free

For more information, please contact GARP Regional Directors, New York Chapter:

Stefan Magnusson, Managing Director, Head of Market Risk – Americas, Rabobank International – stefan.magnusson@rabobank.com

Aaron Hou, CFA, FRM, VP, Market Risk Management & Analysis, Goldman, Sachs & Co. – Aaron.Hou@gs.com



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